A unique gathering took place on March 19, 2024, at the IWG business lounge located on S Michigan Avenue in Chicago. The event, themed "FP&A Storytelling in a Data-Driven World", brought together 31 finance leaders from various companies such as Gallagher, NielsenIQ, Kraft Heinz, Walgreens Boots Alliance, H. Lundbeck A/S, Conagra, CNH Industrial, ADM Company and others who explored the evolving landscape of Financial Planning and Analysis (FP&A). The 8th Chicago FP&A Board, led by Larysa Melnychuk, Founder and CEO of FP&A Trends Group, became another great addition to the global discourse on the best practices and innovations in FP&A Storytelling.
Figure 1: Chicago FP&A Board №8, March 2024
The event was sponsored by Board International. We are also grateful to IWG for their tremendous support with the event organization.
A Dive into FP&A Storytelling
The event underscored the significance of Storytelling within the FP&A domain, focusing on the integration of data, narratives, and technology. The forum touched upon the three essential blocks of FP&A Storytelling – narrative, visuals, and data. Except for it, the discussion facilitator also introduced three dimensions of a compelling narrative – logos, ethos, and pathos.
Figure 2
The attendees also explored the winning formula of FP&A Storytelling, which consists of four key elements: defining your audience, crafting your story, adding credibility, and bringing some passion.
Figure 3: Hector Rubalcava shares his insights at the Chicago FP&A Board №8, March 2024
Hector Rubalcava, former Director of Financial Planning and Analysis at Press Ganey, took the stage to illuminate the path from traditional to forward-thinking FP&A Storytelling. He emphasized the importance of variance commentary, advocating for a shift towards an enhanced narrative that not only explains the "what" and "why" behind the numbers but also projects future implications and opportunities. Through his session, attendees gained a nuanced understanding of how to transform standard financial reporting into a dynamic tool for influencing business strategy and driving organizational change.
Engaging Group Discussions on Data, Narratives, and Visuals
The event also featured small group discussions, allowing participants to engage deeply on topics such as data management, crafting impactful narratives, and the role of visuals in enhancing FP&A Storytelling.
Figure 4: Group Work, Chicago FP&A Board №8, March 2024
As per the first group, whose members explored the narrative, to build a compelling story, we have to factor in the following aspects:
- Audience – segmented
- Clarity
- Purpose and objective
- Engagement
- Actionable insights
- Socializing
- Fact-checking
- Storytelling, covering “what”, “why”, and some predictions about the future
The second group focused on the visuals. They suggested that visuals should be consistent, predictable, easy-to-understand and insightful.
Figure 5: Group Work, Chicago FP&A Board №8, March 2024
Finally, the third group presented their insights on backing your narrative with data to their peers. They highlighted the importance of reliable and crucial data for crafting stories.
These discussions provided a platform for sharing experiences and challenges, fostering a collaborative environment where ideas and strategies could be exchanged freely.
Conclusion and Looking Forward
As we move towards a more data-driven world, the role of FP&A professionals continues to evolve. The insights and discussions from the Chicago event not only highlighted the current trends and challenges in the field but also pointed towards a future where storytelling becomes a critical skill in the arsenal of finance professionals.
Figure 6
This topic has resonated with finance professionals worldwide, emphasizing the universal importance of effective storytelling in finance. The ability of finance professionals to translate complex data into coherent and compelling narratives will be key to driving strategic decision-making and unlocking new opportunities for innovation and growth.
